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- Vitalik Has Spoken - Without These Ethereum Fails
Vitalik Has Spoken - Without These Ethereum Fails
Wealthy Wednesday & More
Jayson Hanlon
June 14, 2023
The cool side of the blazing crypto ecosystem.
A crypto newsletter covering the latest news that matters.
What’s in today’s cooler:
Vitalik Buterin, Ethereum Founder, has Spoken
SEC’s Gary Gensler Could be Fired?
More On Tap News
Vitalik Buterin has Serious Proposals
While everyone is winding down there Friday, Vitalik Buterin, the Ethereum Founder drops some serious transitions that Ethereum needs to take into consideration.
He named it “The Three Transitions” in his post.
Stating that these three transitions need to take place for Ethereum to not fail.
Layer 2 Scaling - Everyone wants to use rollups
Wallet Security - We need a better wallet solutions, smart contract wallets
Privacy - Not enough privacy, anyone can basically see anything
Vitalik goes on by explaining how each of these are crucial and Ethereum will fail without their implementation.
Layer 2 (L2) Scaling, currently each transaction costs around $4 but in high traffic times can be as high as $80! If Ethereum doesn’t address this, then there will be tons of L2s. As stated above everyone wants to use rollups which combines transactions together to make smaller transaction fees.
Wallet Security, many users are not very comfortable their crypto on wallets such as MetaMask or hardware wallets. Because of this everyone moves to centralized exchanges. Important things for this include making it easier for users while having a less likely chance of losing a recovery phrase, getting hacked or stolen funds. Having social recovery wallets could be the best move.
Privacy, this one is tough because so many people that love blockchain currently like that there is no privacy and everything is displayed on the blockchain. But, Vitalik states, that having everything public is aa big sacrifice for lots of users and people once again move to centralized exchanges to hide some information and data.
These three transitions are crucial for the reasons above. But they are also challenging because of the intense coordination involved to properly resolve them. It's not just features of the protocol that need to improve; in some cases, the way that we interact with Ethereum needs to change pretty fundamentally, requiring deep changes from applications and wallets.
Read the in depth post here.
New “SEC Stabilization Act”
Yesterday June 12, Warren Davidson, a United Stated Representative introduced the “SEC Stabilization Act”. One of the main solutions would be to fire Gary Gensler, Chairperson of the Securities and Exchange Commission (SEC).
“U.S. Capital markets must be protected from a tyrannical Chairman, including the current one. That’s why I’m introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come, It’s time for real reform and to fore Gary Gensler as Chair of the SEC.”
Pretty wild stuff… Especially since it seems like Gary is out to get all these Crypto companies and sue anyone he wants to.
Read more here.
On Tap News
US Treasury is looking into the Privacy behind a Central Bank Digital Currency, CBDC. - Is privacy really the biggest deal breaker?
Should you be worried if you have crypto in Binance.US or Coinbase? - Funds are Safe accord to the two exchanges.
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Disclaimer: The information shared in this newsletter is for informational purposes only and should not be considered financial advice. It is crucial to conduct independent research and consult with a financial advisor before making any investment decisions.
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